UBank makes a splash with sizzling new home loan


29 Nov 2020


Just when we thought home loan rates couldn't get any more competitive, UBank has unveiled a stellar new 2.34% variable and comparison rate* on its popular UHomeLoan.

According to UBank, this is the lowest advertised home loan rate ever offered in its 11-year history, and it follows hot on the heels of cuts to some of UBank's most popular fixed rate home loans earlier this month. 

“Owning your own home can be incredibly rewarding but the past six months have caused many Aussie home owners to feel the pinch,” said UBank chief executive, Philippa Watson. 

“We are glad to have supported so many of our home loan customers by offering repayment pauses to those who have needed some extra help during this time, and this announcement is an extension of that support.”

So if you're looking for a better value home loan that could save you thousands, read on for our expert rundown of UBank's stellar new offers to find out if it's time to make the move to this award-winning lender….


UBank UHomeLoan - Discount Offer
  • 2.34% variable and comparison rate*

  • Free extra repayments and redraws

  • Zero fees

UBank has made a name for itself as one of Australia's best value online lenders, and this seriously low new variable rate is case in point. As you'd expect from a multiple Mozo Experts Choice 2020 Award Winner, the UHomeLoan is packed full of other benefits including zero fees and the flexibility for borrowers to make free extra repayments towards the loan and redraw those repayments down the track (if they need to). It's available for loans of $200,000 plus with a minimum deposit or 20% or more.


UBank UHomeLoan
  • 1.95% fixed rate for 3 years (2.27% comparison rate*)

  • Free extra repayments up to $20,000 p.a.

  • Zero ongoing fees

Fixed rates don’t get much lower than those available with UBank’s UHomeLoan Fixed offer, with rates as low as 1.95% (2.27% comparison rate*) for borrowers happy to lock in for three years. Owner-occupier borrowers will be able to grab that rate on loans between $100,000 and $2,000,000 and while there is an initial $395 application fee to consider, there are no other fees to worry about. UBank even lets customers make extra repayments towards the loan of up to $20k per year, for free!

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home loans Awards

Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.

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